Tinubu Advocates Production Over Taxation for Nigeria's Growth

President Bola Ahmed Tinubu asserted that Nigeria's path to prosperity lies in production rather than taxation during the presentation of the book “Economic Diversification and Structural Transformation in Nigeria: The Past, The Present, The Future,” authored by Abdulmumin Jibrin Kofa. Represented by Tajudeen Abbas (Rep, Zaria), the Speaker of the House of Representatives, Tinubu highlighted the challenges he faced upon taking office, including a collapsing naira and a heavy debt burden.

He emphasized the need for reform, stating that his administration chose difficult but necessary decisions, such as removing the fuel subsidy and unifying the exchange rate. Tinubu reported that non-oil activities now contribute 96 percent to the Gross Domestic Product, with non-oil exports exceeding six billion dollars.

He outlined a vision for a one-trillion-dollar economy by 2030, supported by a De-risking Framework in the 2025 budget aimed at attracting private capital, which is expected to provide 86 percent of the necessary investment.